Additionally, it offers several loan packages for the help of the enterprises. For the individuals who are interested in avail this business loan, a new website has been launched for the ease of registration of the application for availing the benefits of the loan. It is further said that the completion of the application procedure will take 59 minutes.

Portal

psbloanin59minutes.com

Name of the scheme

MSME business loan in 59 minutes

Launched by

Arun Jaitley, Finance Minister

Date of launch

September 2018

Supervised by

Micro, medium, small business enterprises

Target beneficiaries

Small entrepreneurs

Other government schemes pertaining to loan

Pradhan Mantri Mudra Yojana

Loan Amount

1 Crore

What are the key features, subsidy and interest rate of the business loan?

Financial assistance from the government – The MSME has introduced the new business loan scheme in order to help the entrepreneurs the central government regulates Micro, small and medium enterprises and its functioning. This department provides financial help to the medium, small and micro-sized business organizations financially.

Details of the ventures – According to this loan scheme, financial assistance will be given both to the new and the existing business enterprises.

Amount attainable for the loan – The Finance Minister has stated that people under this business loan will be able to attain any amount of money less than rupees 1 crore.

Money to be kept in the bank account – Any monetary transfer pertaining to this loan scheme will be made only through an active bank account of the beneficiaries. After the enrollment under the business loan, the user will receive the money within 7 to 8 days in their respective bank accounts.

Associated banks with the loan –The loans under this scheme will be sanctioned via SIDBs or small industries development banks. For this task, the central government has appointed 5 public sector banks.

Rate of interest and the subsidies –The rate of interest will vary from one business to the other. Apart from this, no information has yet been declared about the subsidy given in this business loan scheme.

What are the eligibility criteria for this business loan scheme?

No such strict eligibility criteria for applying under this loan have yet been declared by the central government. It can only be assumed that the companies which fall under small, medium and micro-sized business can apply for getting the facility of this loan.

What are the documents are required for enrolling under this scheme?

GST verification – The owners of the company who are enrolling for availing the benefits of the scheme should have their GST code handy as necessary to provide it during the application procedure.

Income tax receipt verification – Income tax receipts along with e-filling details should be maintained so that the application of the scheme can be easily linked with the tax system.

Checking of bank details – It is mandatory for the applicants to upload PDF version of the bank details that are required for the application fill up procedure under this loan.

Details of ownership – Since the loan will provide funds to the business organizations, it is necessary for the applicants to provide the details of the property including the academic papers.

KYC details –It is also required for the applicants to upload a digitalized version of the KYC form.

How to apply for this loan?

Unlike the previous time, applications under the MSME scheme can be applied in as less as 59 minutes. This has been made possible with the introduction of the new portal pertaining to this loan scheme.

The applicants who are interested to avail the benefits of the scheme will have to register under this portal [https://www.psbloansin59minutes.com/home.]. Following this, they will get login credentials, with the help of which they will be able to get access to the digitalized document. They should click on the suitable link to have access to the document.

The primary registration with a start with a start by forming the login details.

The applicant has to type his or her name in the given space, email details along with an active mobile number. They should be careful while entering the details.

As soon as they enter the mobile number, they will receive OTP by clicking on a given link on the page.

After this, the applicant has to enter the OTP in the given space and then click on the proceed option.

The password that has been set for the account can be changed later on. After this, the applicant has to choose whether they are applying for the existing business or their new business venture.

Following this, the applicant will be directed to the actual enrollment page.

Now, the applicant has to fill in the application carefully and then they have to choose the bank from which they will get the loan.

After completion of the application process, the applicant will receive approval.

Following this, the applicant needs to connect the enrollment request that they have received with the IT accounts and the GST details. This will further help to identify that the applicant is part of the scheme. In addition, the bank details will help in the transfer of the funds.

This application procedure is available only for the new members enrolling under this loan scheme. For the existing members, the mobile numbers and ID will be enough to have access to the details of the account.

The financial index is a scale that will help to measure the rate of financial facilities that has been used by the beneficiaries under any scheme. In order to get the correct result under this scheme, the ‘access’, ‘quality’, ‘usage’ of the financial products including the services involved.